Spotlight

Indian equity markets are expected to trade with a cautious undertone as investors weigh encouraging geopolitical developments against weak global market cues. Qatar has stated that the latest round of indirect U.S.–Iran talks has made "positive progress," keeping hopes of a broader diplomatic resolution alive. However, sentiment across Asian markets remains subdued following a sharp sell-off in U.S. technology stocks, with Japan's Nikkei declining nearly 2% in early trade and South Korea's Kospi falling by more than 6%, reflecting a cautious global risk environment.

A key source of comfort for India has been the sustained decline in crude oil prices, as energy supplies continued to flow smoothly through the Strait of Hormuz, easing fears of supply disruptions. Oil is currently trading in the $67–68 per barrel range, marking fresh lows and providing a favourable backdrop for India’s macroeconomic outlook. Alongside progress in geopolitical negotiations, lower crude prices are expected to lend support to domestic market sentiment.  

Technical Views

Nifty 50 

Nifty 50 continues to maintain a cautiously positive technical structure after successfully reclaiming the 24,000 psychological mark. However, the index remains in a consolidation phase, indicating a lack of strong follow-through buying at higher levels. From a technical perspective, the 24,100–24,200 region continues to act as the immediate resistance zone. A sustained breakout above this band would reinforce bullish momentum and could pave the way for an advance towards the 24,400 region.

On the downside, the 23,900–23,785 zone continues to serve as a crucial support area. Holding above this region will be essential to preserve the prevailing recovery structure and maintain the positive undertone. However, a decisive break below 23,785 could trigger fresh profit booking and expose the index to the 23,600 support region. Overall, the near-term technical outlook remains cautiously positive. While the broader recovery structure remains intact, the index will require a sustained breakout above the 24,200 resistance zone to confirm stronger bullish momentum and support the continuation of the ongoing recovery trend.

Bank Nifty 

Bank Nifty continues to exhibit relative strength despite recent consolidation and remains comfortably positioned above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), indicating that the broader bullish structure remains intact. From a technical perspective, the index needs to decisively reclaim the 58,000 psychological mark, while the 58,200–58,300 region continues to act as the immediate resistance zone. A sustained breakout above this band would reinforce bullish momentum and could extend the recovery towards the 58,600–58,700 region.

On the downside, the 57,500–57440 zone remains the immediate support area. Holding above this region will be crucial to preserve the prevailing positive structure. However, a decisive break below 57440 support band could intensify selling pressure and expose the index to the 57,200–57,000 support region. Overall, the near-term technical outlook remains cautiously positive. As long as Bank Nifty sustains above its key support levels, the broader bullish structure is likely to remain intact.